The National Bank of Ukraine (NBU) on July 21 excluded from the State Register of Financial Institutions PJSC IC Kyivska Rus (Kyiv) in connection with the revocation of licenses for the provision of financial services, according to the regulator’s website.
As reported, the licenses were revoked on July 11, 2023 in connection with the insurer’s failure to submit reports for the year 2022, failure to submit information and documents at the request of the National Bank and the company’s failure to eliminate the identified violations in the time specified by the regulator (June 8, 2023).
According to the last submitted to the NBU statements of PJSC IC Kyivska Rus for the nine months of 2022, the amount of insurance payments amounted to UAH 85,4 mln, of which UAH 76,9 mln was transferred to reinsurance. The insurer has not made payments during the specified period.
Earlier, on May 8, 2023 the NBU has applied to IC ‘Kyivska Rus’ a measure of influence in the form of temporary suspension of licenses in connection with non-submission of reports for the first half of 2022 and for 2022, as well as actuarial report for 2022.
The company also did not submit the report on corporate governance and information on key risks and results of stress testing for 2022, did not provide information and documents at the request of the NBU.
Private JSC IC Kyivska Rus carries out activities on voluntary and compulsory types of insurance other than life insurance.
The National Bank of Ukraine (NBU) on July 11 revoked the license of PJSC Insurance Company Kyivska Rus (Kyiv) to provide financial services, according to the regulator’s website.
The reason for this decision was the failure to submit reports for 2022, failure to submit information and documents at the request of the National Bank and the company’s failure to eliminate the identified violations in the time specified by the regulator (June 8, 2023).
According to the last submitted to the NBU statements of PJSC IC Kyivska Rus for nine months of 2022, the amount of insurance payments amounted to UAH 85,4 mln, of which UAH 76,9 mln was transferred to reinsurance. The insurer has not made any payments during the specified period.
As it was informed, on May 8, 2023 the NBU has applied to IC “Kyivska Rus” a measure of influence in the form of temporary suspension of licenses in connection with non-submission of reports for the first half of 2022 and for 2022, as well as actuarial report for 2022.
The company also did not submit the report on corporate governance and information on key risks and results of stress testing for 2022, did not provide information and documents at the request of the NBU.
Private JSC IC Kyivska Rus carries out activities on voluntary and compulsory types of insurance other than life insurance.
The National Bank of Ukraine (NBU) has fined PJSC IC Kyivska Rus (Kyiv) UAH 391,000 for violating financial monitoring requirements.
According to the regulator’s website, the fine was imposed for improper fulfillment of the institution’s obligation to timely and fully provide information and/or documents, copies of documents or extracts from documents necessary to supervise the prevention and counteraction to the National Bank’s requests. As well as for the submission to the National Bank of reports on prevention and counteraction with errors
As Ukrainian News earlier reported, on May 8 the National Bank of Ukraine (NBU) applied to Kyivska Rus IC a sanction in the form of a temporary suspension of license to provide financial services in insurance due to failure to report for the first half of 2022 and for 2022, as well as the actuarial report for 2022.
The company also did not submit a report on corporate governance and information on the key risks and the results of stress testing for 2022, did not provide information and documents as required by the NBU.
The insurer has been set a deadline up to June 8, 2023 for elimination of violations.
Private JSC “IC “Kyivska Rus” performs activity in voluntary and obligatory types of insurance, other than life insurance.
According to the accounts of the insurer for nine months of 2022 the amount of insurance payments totaled 85,4 mln UAH of which 76,9 mln UAH were paid out by reinsurers. The insurer made no payments during the above period.
The National Bank of Ukraine (NBU) on May 8 applied to Kyivska Rus Insurance Company PJSC a sanction in the form of temporary suspension of its license to provide financial services in insurance due to failure to submit reports for the first half of 2022 and for 2022, as well as an actuarial report for 2022.
According to the regulator’s website, the company also failed to submit a report on corporate governance and information on the key risks and the results of stress testing for 2022, and failed to provide information and documents requested by the NBU.
The insurer has been set a deadline for elimination of violations till June 8, 2023.
Private JSC “IC “Kyivska Rus” performs activity in voluntary and obligatory types of insurance, other than life insurance.
According to the accounts of the insurer for nine months of 2022 the amount of insurance payments totaled 85,4 mln UAH of which 76,9 mln UAH were paid out by reinsurers. The insurer made no payments during the above period.
